Deciding whether you should prioritize saving money over paying off debt isn’t an easy decision to make. In fact, it’s one of the top financial dilemmas many Americans face when planning their financial futures. So … what’s the best option? It really depends on your situation. Here’s how to determine the best option for you.
In case you haven’t heard, compound interest is the best.
You may remember it as an equation you had to memorize for math class, but it’s so much more than that. It’s the concept that powers all sorts of savings and investment products and, over time, allows you to turn your money into, well, more money!
Certificates of Deposit, better known as CDs, are low-risk investment options that allow you to grow your money over a period-of-time. CDs are a great option for people who are committed to saving a set amount of money, since you cannot add money to your investment. Check out the benefits of opening a CD.
You received your tax refund or work bonus… now what? With that large sum of cash, many Americans pay-off debt and make major purchases, but there’s another good option for your cash—investments! We’re not talking about risky stock market investments, but a low-risk option like a Certificate of Deposit.
According to the IRS, the average tax refund is $3,000. Yes – 3,000 big ones! What’s the first thing that you’ll do with your windfall of cash? Save it, of course! While you may be tempted to blow your money on things like electronics or a new wardrobe, we encourage you to resist the temptation to spend. Use your refund in one of these three ways and you’ll thank yourself.
Budget. It's the one word that can make you groan and want to hide under a rock to avoid dealing with manging your finances, but we're here to eleviate the budgeting burden. Check out these four steps to help you take the stress out of budgeting.
Saving for an emergency is easier said than done, but it's worth it. You can do it. Start by following these six steps.
Did you miss the 2017 North American International Auto Show? If you did, no worries. Community Choice was there to get you the scoop on the coolest new coupes, trucks, sport utility vehicles and more.
An emergency fund is an essential part of your personal finances. Its importance is stressed in almost every personal finance book and budgeting blog, and yet 26% of Americans currently have no emergency fund in place. Of those who do have an emergency fund, up to two-thirds do not have the often-recommended six months’ worth of expenses saved.